IAMGOLD (NYSE:IAG) Sets New 52-Week High – What’s Next?

IAMGOLD Co. (NYSE:IAG) (TSE:IMG) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $8.38 and last traded at $8.12, with a volume of 25059920 shares traded. The stock had previously closed at $7.44.

Analysts Set New Price Targets

A number of brokerages have commented on IAG. BMO Capital Markets started coverage on IAMGOLD in a research note on Wednesday. They issued an “outperform” rating for the company. CIBC restated an “outperform” rating on shares of IAMGOLD in a research note on Thursday, March 20th. Raymond James reaffirmed a “market perform” rating and issued a $8.00 target price on shares of IAMGOLD in a research report on Friday, April 4th. Scotiabank boosted their price target on shares of IAMGOLD from $6.75 to $7.50 and gave the company a “sector perform” rating in a report on Monday. Finally, National Bank Financial raised shares of IAMGOLD to a “strong-buy” rating in a report on Friday, March 21st. Four investment analysts have rated the stock with a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $7.57.

IAMGOLD Price Performance

The business has a fifty day moving average price of $6.13 and a 200 day moving average price of $5.71. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.89 and a quick ratio of 0.61. The company has a market capitalization of $4.65 billion, a price-to-earnings ratio of 5.60 and a beta of 1.52.

IAMGOLD (NYSE:IAG) (TSE:IMG) last released its earnings results on Thursday, February 20th. The mining company reported $0.10 EPS for the quarter, missing the consensus estimate of $0.15 by ($0.05). The company had revenue of $469.90 million for the quarter, compared to analyst estimates of $498.68 million. IAMGOLD had a net margin of 50.19% and a return on equity of 10.64%. On average, research analysts expect that IAMGOLD Co. will post 0.67 earnings per share for the current fiscal year.

Institutional Investors Weigh In On IAMGOLD

Several hedge funds and other institutional investors have recently added to or reduced their stakes in IAG. Public Employees Retirement System of Ohio bought a new stake in shares of IAMGOLD in the 3rd quarter worth $1,083,000. Geode Capital Management LLC raised its position in IAMGOLD by 2.7% in the third quarter. Geode Capital Management LLC now owns 264,288 shares of the mining company’s stock worth $1,392,000 after acquiring an additional 6,874 shares in the last quarter. Virtu Financial LLC acquired a new stake in IAMGOLD in the 3rd quarter valued at about $267,000. JPMorgan Chase & Co. boosted its position in shares of IAMGOLD by 66.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,511,328 shares of the mining company’s stock valued at $7,904,000 after purchasing an additional 604,259 shares in the last quarter. Finally, DGS Capital Management LLC acquired a new position in shares of IAMGOLD in the 4th quarter worth approximately $110,000. Institutional investors own 47.08% of the company’s stock.

About IAMGOLD

IAMGOLD Corporation, through its subsidiaries, operates as an intermediate gold producer and developer in Canada and Burkina Faso. It owns 100% interest in the Westwood project that covers an area of 1,925 hectare and located in Quebec; a 60% interest in the Côté gold project, which covers an area of 596 square kilometer located in Ontario, Canada; and a 90% interests in the Essakane project that covers an area of 274,000 square kilometer situated in Burkina Faso.